| 1.
Apartment Reservation |
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The apartments on the current availability list are being sold worldwide therefore it is necessary to reserve an apartment initially.
To reserve a property the developer needs:
- Completed Apartment Reservation Form
- Completed Credit Consent Form for AED 10,000 (approx £1,500)
- Photocopy of Credit Card (front & back)
- Photocopy of Buyer's passport
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| 2.
Deposit |
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The remaining 10% deposit is usually required within 7 days of reservation. |
| 3.
Instalments |
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The next 10% instalment is usually required 30 days after reservation. The remaining payment structure varies depending on the development.
More information is available on request. |
| 4.
Completion |
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The final contract/title deed is signed in front of a Dubai Notary and the deeds are then recorded with the Land Registry. |
| 5.
Other Costs and Information |
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- A Land Registry fee of 1.5% is payable upon completion.
- A Service Charge is payable annually. A maximum of 12 AED per
sq ft. As it is freehold ownership, the apartment owners will have a say who the management company is, therefore the management company will always charge competitive rates.
- Solicitors are not usually used as the contracts are easy to understand & non-negotiable.
- There is TAX-FREE capital growth and rental income unless bringing money back into the UK. Many investors set up off-shore accounts to avoid this tax.
- If you are renting out the apartment there is a tax payable annually on rent of 5% of rental value.
It is normally tagged on to the DEWA (Dubai Electric & Water Authority) bill and is paid by the tenant only. This tax does not apply if the apartment is not being rented out.
- The developer remains liable for 10 years for structural problems.
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